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Chinese rare earths giant looks to set up in Australia
Maren Ishak
July 29, 2024
Good Morning,
Market volatility persisted last week as small-cap and value stocks outperformed large-cap growth, while Chinese equities tumbled despite unexpected rate cuts. The pan-European STOXX 600 gained 0.55%, buoyed by strong earnings. Today's focus is on Tesla and Alphabet earnings, which could significantly impact market sentiment.
Let’s jump in!
Before The Bell
Markets
Stocks saw mixed results for the second week, with small-cap and value stocks outperforming large-cap growth stocks, which led to a 2% drop in the S&P 500 on Wednesday, its worst day since February 2023 (TRP)
The pan-European STOXX 600 rose 0.55%, boosted by Friday's rally on strong earnings, with Germany's DAX up 1.35%, France's CAC 40 down 0.22%, Italy's FTSE MIB down 1.27%, and the UK's FTSE 100 up 1.59% (TRP)
Chinese equities dropped sharply, with the Shanghai Composite down 3.07%, CSI 300 down 3.67%, and Hong Kong's Hang Seng down 2.28%, despite unexpected rate cuts by the central bank (TRP)
Earnings & Data
Ryanair profits plunge by nearly half amid lower summer fares (Guardian)
A first step has been taken towards a potential major shakeup of The Warehouse Group's ownership. (1 News)
Morning Bid: Tesla, Alphabet earnings take centre stage. (Reuters)
Harley-Davidson's profit beats on strong demand for pricier Touring bikes (RT)
NYCB posts bigger loss than expected on exposure to multi-family real estate (RT)
Hasbro Shares Surge on Profit Beat, Digital Gaming Strength (BBG)
Nestle cuts sales guidance amid struggle to win back shoppers. First half sales up 2.1%, missing analyst expectations of 2.5% (BBG)
Bristol Myers Squibb beat earnings estimates. Revenue rose 9% from the same period a year ago to $12.2 billion, shares rose nearly 5% in premarket trading Friday following the results (CNBC)
Aon reported a rise in its second-quarter adjusted profit. Total revenue rose 18% to $3.76 billion. (RT)
News Summary
Monday
Tuesday
Wednesday
Thursday
Friday
Weekend
Deal Flow
Investments / M&A
Australia & New Zealand
US private equity firm Stonepeak to acquire New Zealand's Arvida Group in $746 million deal (RT)
Suitors scramble to get across Anglo’s $7.5b Queensland coal auction (AFR)
Green shoots are emerging among venture capital-led capital raisings, according to KMPG, with artificial intelligence creating new investment opportunities. (The Australian).
Key Global
Woodside splashes $1.35b in the US to become ‘global LNG powerhouse’ (AFR)
Vodafone sells further 10% stake in Vantage Towers for 1.3 bln euros (RT)
Private equity firm Apollo Funds will take International Game Technology's gaming and digital business and Everi Holdings private in a deal valued at US$6.3 billion (RT)
Other Global
Crescent tries to pull off the near impossible at Pacific Smiles (AFR)
Haben raising $263m to bankroll QIC’s Westpoint shopping centre buy (AFR)
UK's Hammerson to sell stake in Bicester Village owner to LVMH backed private equity firm (RT)
Rentokil's shares soar on report of ex-BT chief looking to buy firm (RT)
Colorado judge temporarily halts Kroger-Albertsons merger, Bloomberg News reports (RT)
Apollo to Buy Evri From Rival Advent in Latest UK Parcels Deal (BBG)
VC & Fundraising
Robotics surgery trainer IMRA Surgical seeks growth capital (AFR)
Equity Raises
Australia & New Zealand
Key Global
Debt, Restructuring & Bankruptcy
Developing countries face worst debt crisis in history, study shows. (Guardian)
A bruising recession and the disappearance of pensions have left many young boomers financially exposed. (WSJ)
Ukraine struck a deal with creditors that could save it more than $11 billion over the next three years, a boost for the war-torn country as it struggles to keep funding the war with Russia. (WSJ)
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